Updated about 9 years ago on . Most recent reply
Excited to be a part of the BP community!
My name is Sakarin, and I am a new member of BP & an investor looking to build on my first deal in North Central and Central Arkansas. I am looking to network with other investors, build a renovation team, and scale our real estate investing business. Are you a BP member in Arkansas? Please feel free to contact me for networking or a meeting!
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Hello and welcome to BP! This is a good site where you can learn and ask questions to people that might have been there. I was born and raised in Dallas Texas and still live in Dallas County. You did not saying about your financing so it makes it harder to advise you. One of the things you will need before you start is having a pre-approval loan letter or a proof of funds to help you get deals. Cash buyers are getting an advantage by closing quicker.
Another thing you should do is form some sort of corporation or a LLC. You might need an attorney and/or a tax accountant once you have made up your niche and market. You also should consider selecting an office with little distractions. You can use your own place, just be formal. Practicing your estimating can help you. Your decision is pretty precise but your location is general. Just fulfill an average place for that neighberhood.
Before you start investing you might want to select a Team full of local professionals that are experienced in your field and will return your phone calls promptly. The primary Team members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen. Do not try to do everything yourself. Get an insurance policy of property you close on that will protect you if there is a loss.
I am 60 years old and I found BP about a year ago and I have not decided what to do yet. Just make sure the market you select has diversity in the economy and a population growth. Do not try anything that makes your product different from what is average for that neighberhood. Make sure you like your niche selection. Do not stretch your buys too far apart. Try to make your market selection is less than one hour away from your home or office.
Try to focus on income productive things. I have been in construction since I was 17, including those college years. My business college degree was emphasized by real estate. After I graduated, I got a real estate broker license but never did that full time. I kept that license active for about 30 years. My father bought and sold real estate for about 45 years and he taught me a little bit. Good luck to you!